Chinese supplies of metal products to the country reached a 5-year high
India became a net importer of rolled steel in the first 8 months of the 2023/2024 fiscal year (April-November). Supplies of steel products from China, according to preliminary government data, reached their highest level in the last five years during this period, Reuters reports.
In April-November, India increased its imports of rolled products by 13.4% y/y – to 4.3 million tons, while supplies reached a four-year high.
China shipped 1.3 million tons of rolled products to India in 8 months of FY2023/2024, up 48.2% y/y. The world’s largest steel producer exported mainly hot- and cold-rolled coils or flat products, as well as plates and pipes. The Indian steel industry requires government intervention to protect itself from Chinese imports.
India’s steel production in April-November amounted to 94.1 million tonnes, up 14.7% year-on-year. Domestic consumption of rolled steel amounted to 87.1 million tons, up 14.9% from the five-year high.
As GMK Center reported earlier, India and Australia will agree on stable supply of coking coal. In this way, the country seeks to help its steel mills, which are suffering from a drop in supplies and rising prices for these raw materials. The Indian government is also keen to increase domestic production. The country’s steelmakers import almost 70 million tons of coking coal per year, about half of these supplies come to Australia.